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Closing Finlandia is an involved procedure that takes time and effort from everyone involved. Receiver of Finlandia University, Patrick O’Keefe, explained some of the efforts that are going into closing the university.
Finlandia is currently going through a state-court receivership, meaning it’s being supervised by the Attorney General of the state of Michigan.
“The Attorney General has an interest in dissolutions in higher education in Michigan, especially in the case of Finlandia, they’re always interested in what happens to the restricted endowment dollars. The endowments, when the university dissolves, my understanding is, will revert to the state. And then the state will allocate those funds based on the universities that have transitioned students and faculty out.” – CEO of O’Keefe & Associates Consulting LLC., Patrick O’Keefe.
O’Keefe will do his best to keep the historic value of the university within the community.
He expressed there had been interest in Finlandia assets like the Jutila Center from multiple entities both within and outside the community.
“Because of the historical nature of the university (I believe it’s [been] in existence for 123 years), and the congregation of the Finnish people in the community, I think we are going to try very hard to make sure that some of these assets are in the hands of people who will maintain and preserve some of the history. That’s our goal. We’re a fiduciary in the arm of a court, [and] our primary job is to make sure creditors get paid, and if we can accomplish both, then I think that’s a win.” – CEO of O’Keefe & Associates Consulting LLC., Patrick O’Keefe.
There are plans for eventual auctions for Finlandia’s personal property such as desks, chairs, computers, and other equipment. It is too early to decide when or how the auction will occur.
There is not a solid timeline for the closing of the university yet.
